YES Bank said it continued to explore options to raise funds with “a diverse set of investors”, while not outrightly denying or confirming a report that the bank was in talks with some technology companies to raise capital.
The bank is not aware of the source, which resulted in the report and would not like to comment on such an article, YES Bank said.
Shares of YES Bank have jumped as much as 10% today after the Mint newspaper published a story titled “YES Bank woos Microsoft, two other tech firms for a strategic investment” and The Economic Times ran a story of the lender being in talks with private equity funds.
In a conference call on Thursday, Managing Director and Chief Executive Officer Ravneet Gill said YES Bank would like to do an equity issue at a price that valued the bank “fairly” and that it was open to a “larger dilution”
if needed from a capital standpoint. Gill had also said that discussions had been held with private equity players and family offices were keen on such an investment.
The bank had raised 19.3 bln rupees through a qualified institutional placement in August. At 1352 IST, shares of the bank were up 9.6% at 46.20 rupees on the National Stock Exchange.